Northern Wreck

The long suffering taxpayers of Britain got taken to the cleaners again by Brown and his mob, as it has emerged that £3BN of taxpayer loans to Northern Rock will be written off.

The "Wreck" has published worse than expected results, showing a loss in the first 6 months of £585M, as borrowers fail to meet their obligations.

The Treasury will now convert £3BN of government loans to the Rock, and £400M of Rock preference shares into ordinary Rock shares.

However, the plan does require approval from our lords and masters in Brussels.

Posted in: government,Northern Rock,tax,treasury